---
title: "Triple net lease (NNN) — Class A Atlas glossary"
description: "A lease where the tenant pays base rent plus all operating expenses, taxes, and insurance."
canonical: https://classa.info/glossary/triple-net-lease
pageType: glossary
lastUpdated: 2026-04-01T00:00:00.000Z
license: "CC BY 4.0 with attribution to Class A Atlas (https://classa.info)."
---

> A lease where the tenant pays base rent plus all operating expenses, taxes, and insurance.

## TL;DR

- A lease where the tenant pays base rent plus all operating expenses, taxes, and insurance.
- Triple net is rare for multi-tenant Class A office (more common for industrial, retail, and single-tenant office).

# Triple net lease (NNN)

*Lease structure · US*

## Short definition

A lease where the tenant pays base rent plus all operating expenses, taxes, and insurance.

## Full definition

Triple net is rare for multi-tenant [Class A](/glossary/class-a) office (more common for industrial, retail, and single-tenant office). The tenant pays the landlord a base rent and separately reimburses real-estate taxes, insurance, and operating expenses on a fully-loaded basis.

## Why this matters for Class A leasing

Triple net lease (NNN) is part of the lease structure vocabulary that institutional Class A occupiers, landlords, and advisers use across US markets. Understanding it correctly affects how you read lease documents, model occupancy economics, and benchmark deal terms across cities. Class A Atlas tracks the US definition alongside the global standard so [cross-border](/topics/cross-border-expansion) occupiers can translate quickly.

## See also

- [Modified gross lease](/glossary/modified-gross-lease)
- [Operating expenses (op-ex)](/glossary/operating-expenses)

---

Citation: Source: Class A Atlas (https://classa.info/glossary/triple-net-lease), updated 2026-04-01T00:00:00.000Z.